1. Home
  2. Taxes General Forum
  3. Taxes Owed

Taxes Owed

Hi:

I had filled out a form for an extension with my taxes and now that I've worked more on my taxes it looks like i owe about $900 to $1000 more than what I originally figured. Most of this was that for some stupid reason I had with my Taxcut program that I was married instead of single, and the fact that I was put on a couple 1099's with two companies --which were actually "sister" companies to each other. (There I was a telephone sales representative, basically...for both companies) Is there any where I can go or any resource that exists out there to help figure out if I have any tax breaks to lesson the amount I owe...because as it is right now I'm probably going to fined for paying late or at least charged additional interest.

Thanks in advanced for any helpful responses.

MC

Reply to
maxed_out41
Loading thread data ...

If you paid money with your extension to file and still owe about 1k more, all you have is interest and penalty on the 1k which is approximately 1% a month (0.5% interest, 0.5% penalty), which comes out to $10 a month, until October 15. Thereafter, the penalty increases to 5% a month.

The rules say thep penalty is XYZ for each month or part therefore, which seems to mean to me that if you pay in 2.5 months, you'll still be charged for 3 months. I could be wrong though.

You can pay the 1k now by mailing a 1040-V and check to the place where you normally file your return, or through eftps.com (takes about

2 weeks to set up an account). However, keep proper documentation as the IRS will cash the check, but they may not record the date you mailed in the check correctly especially if you are sending in a check now but filing by October 15. So if they send you a bill for additional interest and penalties, you can respond with your proper documentation. This includes: copy of your 1040-V and check if mailing in a check, though be aware that eftps saves the receipt as a PDF file which you can print out.
Reply to
removeps-groups

Have your return prepared by a professional. There is still no guarantee that your taxes would be lower.

Reply to
Haskel LaPort

Thanks very much for your response...Is it better to just make a payment of at least the amount you know you owe and then follow up by calling the IRS or should I call the IRS before hand to see about what they show on there end? If I do call them ahead of time are there any questions in particular I should ask???

Thanks again,

MC

Reply to
maxed_out41

BeanSmart website is not affiliated with any of the manufacturers or service providers discussed here. All logos and trade names are the property of their respective owners.